If a business in Martin City is thinking about purchasing new equipment, improving the business real estate or buying a building, they will want to contact the Economic Development Corporation of Kansas City, Missouri (EDC). The Martin City Community Improvement District (MC-CID), the EDC, and the City of Kansas City have been working for a number of years to create and identify incentive opportunities to spur development and business expansion in Martin City.
Below is a summary of available programs:
Urban Renewal Area
URA’s encourage and initiate redevelopment and rehabilitation of properties. This benefits both residential and commercial uses within the boundaries of an Urban Renewal Area. Within the boundaries of the CID exist a Martin City URA. The assessed value of the property prior to constructing the improvement is frozen up to 10 years. Taxes are still assessed on the initial assessed value of the property prior to constructing the improvements. Contact David Macoubrie, EDC Development Specialist, at (816) 691-2117 for more details on URA tax abatement or to determine if your business investment is eligible. A Urban Renewal FAQ document can be found at www.martincity.org/development-incentives .
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Enhanced Enterprise Zone
Enhanced Enterprise Zones work with the State of Missouri and are designed to encourage job creation and investment. Provided the company meets the criteria of Missouri Works, a State incentive program, they are eligible for local real property tax abatement through the EEZ. For more information and assistance, please contact Steve Rinne, EDC Business Development Officer, at (816) 691-2129 prior to construction to begin your application process.
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New Market Tax Credits
NMTC facilitated-financing is deployed within highly distressed census tracts in Kansas City, MO. The purpose of NMTC’s is to infuse equity into qualified businesses in low income areas. Eligible entities include for-profit and non-profit businesses. For more information about the Kansas City, Missouri Community Development CDE’s application process or about the NMTC program, please contact Steve Rinne, EDC Business Development Officer, at (816)691-2129.
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Small Business Administration (SBA) HUB zone
The HUBzone [Historically Underutilized Business Zone] Empowerment Contracting program provides federal contracting opportunities for qualified small businesses located in distressed areas. Jackson County is a qualified HUBzone. To enter this program and have easier access to bidding on federal contracts go to www.SBA.gov for more information.
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SBA 504 Loans
Administered through EDCKC. Contact Craig Stephens, Director, Economic Development Corporation Loan Corporation for more information on the 504 program and many additional tools available to small business to access credit. It is an opportune time to access credit. (816)691-2111
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The EDC and KCMO staff make the final determination of appropriate local incentives per business.
These summaries can also be found on the Martin City website under development incentives.
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